Connect with us

Headline

Tinubu endorses Heritage Voyage Initiative

Published

on

President Bola Tinubu has thrown his weight behind the ‘Heritage Voyage of Return Initiative’, aimed at reuniting African descendants with their African roots.

Tinubu said the initiative would not only re-awaken the historical awareness of society by bringing back memories of what happened many years ago but also create economic benefits.

The president spoke when he received a delegation from Nobel Laureate Prof. Wole Soyinka along with the initiators of the project in Abuja on Friday.

“Reconnecting Afro-Brazilians with their African roots will be an iconic project that will rekindle our past and light up the spirit of our ancestors. It will re-awaken memories of what happened many years ago.

“It is a good thing that this is coming now at a time when we are working on expanding the frontiers of freedom and democracy in Africa,” Tinubu said.

While thanking Soyinka for supporting the initiative and for his commitment and patriotism over the years, the president emphasised that the project would come with economic benefits that must be leveraged, noting that “this is an important project that must be pursued”.

Speaking earlier, Prof. Wale Adeniran, who led the delegation, said that the history of the project dated back to when the Lagos Black Heritage Festival began.

“Because this is an identical project, the initiators of the Heritage Voyage of Return discussed the plan with Prof. Soyinka, who also endorsed it.”

Adeniran described the Heritage Voyage of Return as a historic maritime journey that would begin in Rio de Janeiro in Brazil, making stops at various African nations and terminating in Lagos.

He said that the team had come to seek Tinubu’s endorsement and for him to formally invite the Afro-descendants from Brazil home.

Other members of the delegation are Carolina Maira Morais, a Brazilian and Ajoyemi Olabisi Osunleye, a Nigerian.

Morais noted that there were up to 126 million Afro-descendants in Brazil, stating that the project would be integrating the two nations.

“Nigeria is the largest black nation and the leading economy in Africa and Brazil is a giant in South America.

“There are many African traditional families in Brazil. But no African country has gone to Brazil to identify and connect with them,” she said.

Morais stated that Brazilian President Lula da Silva was planning to visit Nigeria and had a special place in his heart for Africa, describing Soyinka also as a hero and icon in Brazil.

Headline

Job Losses, Factory Closures Loom As Unsold Goods Pile Up — MAN

Published

on

AGAINST the backdrop of sustained pressure in the foreign exchange market and high cost of production, the Manufacturers Association of Nigeria, MAN has indicated that inventory of unsold goods is escalating to levels now threatening the existence of companies operating in the production sector of the economy with attendant job losses.

Findings show that as of the weekend the foreign exchange market had recorded over 254 per cent plunge in the value of the naira since flotation of the currency by the Central Bank of Nigeria (CBN) in June 2023.

Recall that the naira traded for N471 per dollar in the official I&E market on June 13, 2023 before the floatation of the currency, but exchanged for N1,665.50 to a dollar as at February 23, 2024 on the Nigerian Foreign Exchange Market (NAFEM), indicating a depreciation of more than 253.6 per cent over the eight-month period. The forex crisis is also stoking inflation, and coupled with high energy costs, purchasing power has continued plummet, stifling demand for goods.

Speaking on the impact of this development on the manufacturing sector, Director General, MAN, Segun Ajayi-Kadir, said: “There are reports that across the board, many warehouses and plants of many manufacturing firms are stockpiled with unsold goods manufactured last year. “The development is as a result of the devastating effects of the exchange rate crisis, inflation, fake and sub-standard goods, smuggling and other macro-economics challenges.”

Continue Reading

Headline

CBN Lifts Ban On BDCs, Introduces New Operational Mechanism

Published

on

In a major development aimed at financial stability and strengthening the naira, the Central Bank of Nigeria (CBN) plans to resume its weekly intervention in the country’s foreign exchange (FX) market through the Bureau de Change (BDC) operators.

In 2021, the central bank, in a bid to achieve its mandate of safeguarding the value of the local currency, ensuring financial system stability, and shoring up external reserves, announced the immediate discontinuance of foreign currency sales to Bureau de Change (BDC) operators in the country.

However, the resumed intervention, which would reportedly commence today for funding as well as Tuesday for collection, will see the apex bank inject FX into the subsector in a bid to rescue the naira from further depreciation against major currencies, particularly the US Dollar. The collection will be at designated CBN branches in Lagos, Abuja, Kano, and Awka, while details of the naira accounts to be credited for funding bidding will also be made available today.

CBN is also expected to publish the list of eligible BDCs to benefit from its funding using certain compliance criteria.National Executive Council of Association of Bureau De Change Operators of Nigeria (ABCON) hinted on the latest developments through a memo to its members over the weekend.

The association also warned members that it will no longer be business as usual under the new supervisory regime of the central bank, as any infringement or infraction would result in outright revocation of license and prosecution.

ABCON said through the association’s various engagements with the central bank, in conjunction with ABCON’s strategic partners, CBN had agreed to its request, under the bank’s supervision, to inject liquidity into the market through a weekly intervention beginning today.

CBN assured ABCON that the new circular on the Revised Regulatory and Supervisory Guidelines to BDCs, which was introduced over the weekend, was only a draft exposure that required the association’s inputs before the release of the final guidelines by the apex bank.

To that effect, the letters of the guidelines were not cast in stone, the association’s leadership told its members, who had been worried over the sweeping reforms in the document, which, among other things, prescribed N2 billion and N500 million minimum capital for national and state BDCs, respectively.

Continue Reading

Facebook

Trending